Interim Report - half year ended 31 December 2014

In the half-year to 31 December 2014, Goldcrest has continued to position itself for a planned move to AIM. The Company raised £300,000 before expenses to strengthen the project portfolio and take advantage of the difficult conditions many exploration companies face.

There is an opportunity to acquire significantly more advanced exploration assets and, in December 2014, the Company undertook a visit to Ghana to review a number of these opportunities and discussions are ongoing regarding potential project acquisitions.

Since the period end, the Company has restarted exploration on the Zamsa and Fumbisi projects and looks forward to updating shareholders in due course.

Goldcrest reported an operating loss for the six months to 31 December 2014 of £62,251 (six months to December 2013: £135,191). This translates into a loss per share for the period of 0.007p. The majority of the costs have been on administrative expenses, which continue to be kept to a minimum as the Company focuses on adding value to the portfolio and advancing the existing projects.

We also wish to announce that John Watkins, Chairman, and Shaun Dowling are stepping down as non-executive directors with immediate effect after many years with the Company and its predecessor.

Gavin Burnell, who has served in a non-executive capacity for the past two years, becomes non-executive Chairman.

We are extremely grateful for the hard work and dedication that John and Shaun have given the Company since inception and wish them all the best for the future.

Frederick Bell

Managing Director

26 March 2015

Statement of comprehensive income

6 months to 31 December 2014

6 months to 31 December 2013

Year ended 30 June 2014

Unaudited

£

Unaudited

£

Audited

£

Finance income

-

-

-

Continuing operations

Exploration costs

(4,385)

(38,604)

(96,202)

Administrative expenses

AIM admission costs

Finance costs

(47,857)

-

(10,009)

(30,704)

(63,281)

(2,602)

(88,297)

(122,495)

(9,026)

Loss from continuing operations

(62,251)

(135,191)

(316,020)

Total comprehensive expense for the period

(62,251)

(135,191)

(316,020)

Loss per share:

0.007 p

0.027 p

0.039 p

Statement of financial position

At 31 December 2014

At 31 December 2013

At 30 June 2014

Unaudited

£

Unaudited

£

Audited

£

Assets

Non-current assets

-

-

-

-

-

-

Current assets

Cash and cash equivalents

Trade and other receivables

239,490

-

7,240

293

335

7,810

Total current assets

239,490

7,533

8,145

Total assets

239,490

7,533

8,145

Equity and liabilities

Capital and reserves

Called up share capital

Share premium account

Profit and loss account

701,764

1,623,342

(2,362,853)

429,037

1,623,681

(2,119,772)

429,037

1,626,068

(2,300,601)

Total Equity

(37,747)

(67,054)

(245,496)

Current liabilities

Trade and other payables

Borrowings

Provisions

145,673

121,247

10,317

43,921

20,351

10,317

153,824

89,500

10,317

Total current liabilities

277,237

74,589

253,641

Total equity and liabilities

239,490

7,533

8,145

Statement of changes in equity

for the 6 months ended 31 December 2014

Called up share capital

Share premium account

Share option reserve

Retained earnings

Option premium on convertible notes

Total equity

£

£

£

£

£

£

As at 30 June 2013

351,880

1,602,749

-

1,984,581

-

(29,952)

Loss for the period

-

-

-

(316,020)

-

(316,020)

Transactions with owners

Issue of shares

Expenses of issue

77,157

-

25,719

(2,400)

-

-

-

-

-

-

102,876

(2,400)

Total transactions with owners

77,157

23,319

-

-

-

100,476

As at 30 June 2014

429,037

1,626,068

-

(2,300,601)

-

(245,496)

Loss for the period

-

-

-

(62,251)

-

(62,251)

Transactions with owners

Issue of shares

Expenses of issue

272,727

-

27,273

(30,000)

-

-

-

-

-

-

300,000

(30,000)

Total transactions with owners

272,727

(2,727)

-

-

-

270,000

As at 31 December 2014

701,764

1,623,341

-

(2,362,852)

-

(37,747)

Statement of cash flows

for the 6 months ended 31 December 2014

6 months ended 31 December

2014

£

6 months ended 31 December

2013

£

Year ended 30 June 2014

£

Cash flows from operating activities

Loss before taxation

(62,251)

(135,191)

(133,785)

Adjustments for:

Non cash payments

Interest income

Finance costs

-

-

10,008

-

-

2,602

8,476

(3,646)

625

(52,243)

(132,589)

(128,330)

Movements in working capital:

Decrease/(increase) in trade and other receivables

Increase/(decrease) in trade and other payables

7,810

1,691

7,850

27,108

(5,489)

(343)

9,501

34,958

(5,832)

Cash outflow from operations

(42,742)

(97,631)

(134,162)

Cash flows from investing activities

Interest received

Finance costs

Less paid by share issue

-

(10,008)

_

-

(2,602)

2,876

3

(625)

-

Net cash flows generated by investing activities

(10,008)

274

(622)

Cash inflows from financing activities

Share issue for cash

Less share issue costs

Proceeds from borrowings

Repayment of borrowings

Short term borrowings

300,000

(30,000)

15,000

-

-

50,000

(2,400)

-

-

20,351

154,624

50,000

(50,000)

Net cash flows from financing activities

285,000

67,951

154,624

Net increase/(decrease) in cash and cash equivalents

232,250

(29,406)

19,840

Cash and cash equivalents at the beginning

of period

7,240

36,646

16,806

Cash and cash equivalents at end of period

12

239,490

7,240

36,646

Interim report notes

Interim report

The information relates to the 6 month period from 1 July 2014 to 31 December 2014.

The interim report was approved by the Directors on 26 March 2015.

The interim report is unaudited.

2. Basis of accounting

The report has been prepared using accounting policies that the Company has adopted and were used for the accounting period to 30 June 2014. The information does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006.

The financial statements are prepared under the historical cost convention.

The Company will report again for the full year to 30 June 2015

3. Other matters

Copies of this interim report are available free of charge by application in writing to the Company Secretary at Ronaldsons LLP, 55 Gower Street, London, WC1E 6HQ, or by email to This email address is being protected from spambots. You need JavaScript enabled to view it..

--ENDS--

Goldcrest Resources plc

Frederick Bell,

Managing Director

Tel: 0755 4872 794

This email address is being protected from spambots. You need JavaScript enabled to view it.